FinCEN, data security orgs warn against new coronavirus-related scams
As the spread of the novel coronavirus – also known as COVID-19 – continues, consumers and financial institutions are set to face new attempts by hackers and bad actors to steal information, especially as consumers increase their usage of digital payments. CNBC has reported that the use of digital payments is expected to rise during the pandemic due to the growing perception that handling cash could speed up the spread of the virus.
Earlier this week, the Financial Crimes Enforcement Network (FinCEN) encouraged financial institutions to communicate concerns related to the coronavirus pandemic and remain alert to any illicit financial activity "similar to those that occur in the wake of natural disasters."
In the alert, FinCEN outlined emerging trends in illicit behavior connecting to coronavirus:
- Imposter Scams – Bad actors attempting to solicit donations, steal personal information, or distribute malware by impersonating government agencies, internal organizations, or healthcare organizations.
- Investment Scams – FinCEN notes that the U.S Securities and Exchange Commission has urged investors to be wary of promotions that falsely claim the products or services of publicly traded companies can prevent, detect, or cure coronavirus.
- Product Scams – FinCEN highlights public statements and warning letters from the FTC and U.S. Food and Drug Administration to companies "selling unapproved or misbranded products that make false health claims pertaining to COVID-19."
- Insider Trading – FinCEN has also received reports regarding suspected insider trading in relation to COVID-19.
FinCEN also encouraged financial institutions to read its "2017 Advisory to Financial Institutions Regarding Disaster-Related Fraud" and review information from other regulators.
Additionally, an article from the research team at ESET echoes FinCEN's claims and outlines similar coronavirus-related scams, including malicious news, charitable exploitation, and unsolicited emails containing advertisements for products to protect against the virus.
ESET urges targets to remain vigilant and avoid clicking on any links or downloading attachments received in unsolicited emails or text messages. The NCUA has recently issued an update on its efforts to assist credit unions throughout the coronavirus pandemic, including how credit unions can support members, answering frequently asked questions.
The association will continue to work diligently to equip credit unions with information and resources needed to protect themselves and members against all forms of banking fraud.
Add to Calendar 2023-11-30 09:00:00 2023-11-30 09:00:00 Safeguarding Credit Unions with Threat Intelligence Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU email@example.com America/New_York public
Add to Calendar 2023-11-28 09:00:00 2023-11-28 09:00:00 Growing Creatively & Innovatively in 2024 Listen On: Key Takeaways: [0:58] What can credit unions do to best prepare themselves for 2024? [2:12] Although he sees a glimmer of hope, Jack points out that the liquidity crisis and slow prepayment speeds hamper rapid recovery. [5:22] We discuss how credit unions seek low loan growth through member-centric strategies such as second mortgages and home improvement lending. [7:34] Credit unions are leveraging advancing technology for member-focused engagement. [9:31] How will technology continue to evolve and affect credit unions? [11:43] What role does AI play in innovative growth? [14:14] Credit unions adopt technology for efficiency, enabling staff to focus on personalized member interactions, especially with younger generations. [17:14] Closing thoughts, emphasizing competition against banks and fintech for younger generations. Web NAFCU firstname.lastname@example.org America/New_York public
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